LAGOS — The Dangote Petroleum Refinery has adjusted its Premium Motor Spirit (PMS) gantry price upward by N101, moving the ex-depot rate from N774 to N875 per litre.
The price correction, confirmed by refinery officials on Monday, follows a volatile period in the international oil market that saw global crude benchmarks climb above the $80 per barrel mark.
A senior official at the 650,000-barrel-per-day refinery noted that the adjustment was a necessary response to shifting global crude fundamentals.
"The review became necessary due to changes in global crude fundamentals and replacement costs.
“The new gantry price is now N875 per litre, up from N774,” the official stated.
The price hike comes on the heels of a temporary suspension of petrol loading operations at the Lekki-based facility, which began at midnight on March 2, 2026.
While Automotive Gas Oil (diesel) operations remained unaffected, the pause in petrol lifting, and the halting of Proforma Invoices, signalled a major recalibration in response to the crude rally.
The ripple effects were felt immediately across Nigeria’s downstream sector. Private depot owners nationwide reportedly suspended PMS sales during Monday’s trading window to avoid selling below the cost of replenishment.
“The market is already factoring in risk premiums. Nobody wants to sell below replacement cost when the primary source is adjusting prices in real-time,” one downstream operator explained.
The sudden spike in energy costs is closely tied to escalating tensions between the United States and Iran.
Markets remain on edge over potential supply disruptions in the Strait of Hormuz, a critical chokepoint for global oil transit.
#DangoteRefinery #FuelPrice #NigeriaEconomy #OilAndGas #PMS #EnergyNews #CrudeOil
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